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    5 Replies Latest reply on Jun 9, 2009 11:44 AM by jim531

    Financing for opening up a franchise

    foosballpele Newbie
      I want to open up a franchise restraunt, but i need to put together funds to do it. What is the best thing to do? Who qualifies for loans?
        • Re: Financing for opening up a franchise
          LUCKIEST Guide
          Financing for a franchise, Welcome

          Start by going to Members page and sharing some info.

          Have you developed a Business Plan YET??
          • Re: Financing for opening up a franchise
            RanksIntl Adventurer

            It sounds like it could be a really good idea! Where would the first ones be located?

            So, to start a business whethet it is self financing or you want to approach lenders the first step is the business plan. Business plans provide a guide to and a foundation for your entire business as well as provide key financial detail and market research to potential lenders. Without a plan it will be difficult to obtain financing.

            They will also look at things like experience and your credit score. Depending on the individual you may have to research alternate lenders or investors.

            That being said, what are your plans so far and have you taken any of these steps?

            I would like to hear more about your business as well as provide you with any assistance I can!

            • Re: Financing for opening up a franchise
              robertson240 Newbie
              I would recommend that you start with incorporating, getting a DNB account and building up a strong business credit score. Then you can obtain some financing to help with the Franchise. How much are you looking for?
              • Re: Financing for opening up a franchise
                phanio Pioneer
                Have you looked into SBA loans - SBA loans love franchises as you are really not in business by yourself. Call your local banks and see who offers SBA loans - get their package and start working on it. They do require good credit and some experience if you have it.

                There are other methods - the franchisor may offer financing - call them - if they don't directly, they may have a list of lenders they work with.

                Or, there are other ways to get unsecured funds from non-bank business or personal loan companies - usually up to $125K.

                If you need less than $50K - there are other non-bank or non-profit lenders that could help you.

                Business Money Today
                • Re: Financing for opening up a franchise
                  jim531 Newbie
                  Please send me an email.